Pension Benefits (Tables) - Pension Plans, Defined Benefit

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Fair Value of Plan Assets

Changes in Fair Value of Plan Assets and Changes in Projected Benefit Obligation for the Pension Plan for the years ended December 31, 2019 and 2018 is presented below.

DOLLARS IN MILLIONS	2019			2018
Fair Value of Plan Assets at Beginning of Year	$	525.3		$	579.8
Actual Return on Plan Assets	113.2			(32.1		)
Employer Contributions	55.3			5.1
Benefits Paid	(29.2		)	(27.5		)
Fair Value of Plan Assets at End of Year	664.6			525.3
Projected Benefit Obligation at Beginning of Year	580.5			637.2
Interest Cost	22.3			20.3
Benefits Paid	(29.2		)	(27.5		)
Actuarial (Gains) Losses	86.9			(49.5		)
Projected Benefit Obligation at End of Year	660.5			580.5
Funded Status—Plan Assets in Excess (Deficit) of Projected Benefit Obligation	$	4.1		$	(55.2	)
Unamortized Amount Reported in AOCI at End of Year	$	(145.7	)	$	(144.4	)
Accumulated Benefit Obligation at End of Year	$	660.4		$	580.3

Schedule of Assumptions Used

The weighted-average discount rate, service cost discount rate, interest cost discount rate, rate of increase in future compensation levels and expected long-term rate of return on plan assets used to develop the components of Pension Expense for the Pension Plan for the years ended December 31, 2019, 2018 and 2017 were:

	2019		2018		2017
Weighted-average Discount Rate	4.28	%	3.63	%	4.19	%
Service Cost Discount Rate	4.26		3.61		4.15
Interest Cost Discount Rate	3.91		3.26		3.52
Rate of Increase in Future Compensation Levels	3.40		3.40		2.56
Expected Long Term Rate of Return on Plan Assets	5.70		5.35		5.80

The weighted-average discount rate and rate of increase in future compensation levels used to estimate the components of the Projected Benefit Obligation for the Pension Plan at December 31, 2019 and 2018 were:

	2019		2018
Discount Rate	3.21	%	4.28	%
Rate of Increase in Future Compensation Levels	3.40		3.40

Schedule of Allocation of Plan Assets

Asset allocations for the Pension Plan at December 31, 2019 and 2018 by asset category were:

ASSET CATEGORY	2019		2018
Cash and Short-term Investments	2	%	1	%
Corporate Bonds and Notes	40		41
Common and Preferred Stocks	35		37
Bond Exchange Traded Funds	14		6
Other Assets	9		15
Total	100	%	100	%

Fair Value, Measurement Inputs, Disclosure

Fair value measurements for the Pension Plan’s assets at December 31, 2019 are summarized below.

DOLLARS IN MILLIONS	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at Net Asset Value		Fair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	158.4		$	—	$	—	—		$	158.4
States and Political Subdivisions	—			0.1		—		—		0.1
Corporate Bonds and Notes	—			107.3		—		—		107.3
Equity Securities:
Common Stocks:
Other Industries	140.0			21.5		—		—		161.5
Other Equity Interests:
Collective Investment Funds	—			—		—		71.8		71.8
Bond Exchange Traded Funds	92.8			—		—		—		92.8
Limited Liability Companies and Limited Partnerships	—			—		—		63.7		63.7
Short-term Investments	10.0			—		—		—		10.0
Receivables and Other	(1.0		)	—		—		—		(1.0		)
Total	$	400.2		$	128.9	$	—	$	135.5	$	664.6

Fair value measurements for the Pension Plan’s assets at December 31, 2018 are summarized below.

DOLLARS IN MILLIONS	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at Net Asset Value		Fair Value
Fixed Maturities:
U.S. Government and Government Agencies and Authorities	$	110.9	$	—	$	—	—		$	110.9
States and Political Subdivisions	—		2.1		—		—		2.1
Corporate Bonds and Notes	—		103.4		—		—		103.4
Equity Securities:
Preferred Stocks:
Finance, Insurance and Real Estate	—		—		—		—		—
Common Stocks:
Manufacturing	—		—		—		—		—
Other Industries	106.0		17.4		—		—		123.4
Other Equity Interests:
Collective Investment Funds	—		—		—		68.6		68.6
Bond Exchange Traded Funds	34.1		—		—		—		34.1
Limited Liability Companies and Limited Partnerships	—		—		—		77.1		77.1
Short-term Investments	4.4		—		—		—		4.4
Receivables and Other	1.0		—		0.3		—		1.3
Total	$	256.4	$	122.9	$	0.3	$	145.7	$	525.3

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The components of Comprehensive Pension Expense (Income) for the Pension Plan for the years ended December 31, 2019, 2018 and 2017 were:

DOLLARS IN MILLIONS	2019			2018			2017
Service Cost Earned During the Year	$	—		$	—		$	—
Interest Cost on Projected Benefit Obligation	22.3			20.3			20.6
Expected Return on Plan Assets	(30.6		)	(28.9		)	(30.9		)
Amortization of Actuarial Loss	2.9			4.3			2.6
Pension Income Recognized in Consolidated Statements of Income	(5.4		)	(4.3		)	(7.7		)
Unrecognized Pension Gain (Loss) Arising During the Year	4.2			11.5			(4.9		)
Amortization of Accumulated Unrecognized Pension Loss	(2.9		)	(4.3		)	(2.6		)
Comprehensive Pension Expense (Income)	$	(4.1	)	$	2.9		$	(15.2	)

Schedule of Expected Benefit Payments

The following benefit payments (net of participant contributions), which consider expected future service of certain participants that remain eligible for a benefit accrual, as appropriate, are expected to be paid from the Pension Plan:

DOLLARS IN MILLIONS	Years Ending December 31,
	2020		2021		2022		2023		2024		2025-2029
Estimated Pension Benefit Payments	$	31.4	$	32.1	$	33.2	$	34.0	$	34.7	$	179.1

Significant Unobservable Inputs (Level 3)

Defined Benefit Plan Disclosure [Line Items]

Schedule of Changes in Fair Value of Plan Assets

Additional information pertaining to the changes in the fair value of the Pension Plan’s assets classified as Level 3 in the two preceding tables for the years ended December 31, 2019 and 2018 is presented below.

DOLLARS IN MILLIONS	2019			2018
Balance at Beginning of Year	$	0.3		$	0.3
Purchases, Sales and Settlements, Net	(0.3		)	—
Balance at End of Year	$	—		$	0.3